MERGER WITH POPE RESOURCES (Tables)

6 Months Ended

Jun. 30, 2021

Business Combination and Asset Acquisition [Abstract]

Schedule of Total Consideration Transferred by Rayonier in the Merger

The total purchase price was as follows (in millions):

Cash consideration	$247,318
Equity consideration	172,640
Redeemable Operating Partnership Unit consideration	106,752
Fair value of Pope Resources units held by us (a)	11,211
Total purchase price	$537,921

(a)Based on the closing price of Pope Resources units on the NASDAQ on May 7, 2020.

Business Combination, Changes In Depletion And Depreciation

As a result of refinements to timberlands preliminarily recorded values, we recognized the following decreases in depletion expense in the second quarter of 2021:

	Three months ended June 30, 2021
	Pacific Northwest Timber	Timber Funds	Total
Depletion	($182)	($1,202)	($1,384)
Total	($182)	($1,202)	($1,384)

Schedule of Allocation of Purchase Price to the Identifiable Assets Acquired and Liabilities Assumed

The final allocation of purchase price to the identifiable assets acquired and liabilities assumed is as follows (in thousands):

	Core Timberlands	Timber Funds	Total
Timberland and Real Estate Business
Cash	$7,380	$8,870	$16,250
Accounts receivable	2,459	1,787	4,246
Other current assets	703	260	963
Timber and Timberlands	498,630	449,073	947,703
Higher and Better Use Timberlands and Real Estate Development Investments	34,748	—	34,748
Property, plant and equipment	11,616	—	11,616
Other assets (a)	3,737	2,194	5,931
Total identifiable assets acquired	$559,273	$462,184	$1,021,457
Accounts payable	274	293	567
Current maturities of long-term debt	—	25,084	25,084
Accrued interest	244	275	519
Other current liabilities	9,038	2,080	11,118
Long-term debt	53,502	35,759	89,261
Long-term environmental liabilities	10,748	—	10,748
Other non-current liabilities (b)	2,724	461	3,185
Total liabilities assumed	$76,530	$63,952	$140,482
Net identifiable assets	$482,743	$398,232	$880,975
Less: noncontrolling interests	(3,816)	(339,238)	(343,054)
Total net assets acquired	$478,927	$58,994	$537,921

(a)Other assets includes a $1.9 million intangible asset in connection with the Timberland Investment Management business.

(b)Other non-current liabilities includes a $3.2 million deferred income tax liability resulting from the fair value adjustment to Pope Resources’ assets and liabilities.

Schedule of Unaudited Pro Forma Information

Pursuant to ASC 805, unaudited supplemental pro forma results of operations for the three and six months ended June 30, 2020, assuming the acquisition had occurred as of January 1, 2020, are presented below (in thousands, except per share and unit amounts):

	Three Months Ended		Six Months Ended
		June 30, 2020
Sales		$202,500		$486,000
Net income attributable to Rayonier Inc.		$8,130		$26,910
Basic earnings per share attributable to Rayonier Inc.		$0.06		$0.20
Diluted earnings per share attributable to Rayonier Inc.		$0.06		$0.20
Net income attributable to Rayonier, L.P.		$8,403		$27,795
Basic earnings per unit attributable to Rayonier, L.P.		$0.06		$0.20
Diluted earnings per unit attributable to Rayonier, L.P.		$0.06		$0.20